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Atul Auto rocketed 19%, Colgate-Palmolive went up 9%, while Supreme Infrastructure tanked...

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BSE Sensex, Nifty still not in a clear uptrend: Wednesday Closing Report

Nifty manages to keep itself above 5,870, the recent downtrend may end. But will the short subsequent upmove be sustainable?

Of the markets that were open today, all the Asian indices closed in the positive, except for Taiwan Weighted which closed marginally lower. The Indian benchmarks opened in the positive and went on to rally later in the morning to close in the positive to make highest percentage gain in past 17 trading days (including today). From here, if the Nifty manages to keep itself above 5,870 we may see the downtrend ending. The NSE saw volume of 60.98 crore shares and an advance decline ratio of 939:773.

The Sensex opened 47 points higher at 19,302 while the Nifty opened 9 points higher at 5,865. In a market that lacked participation, speculators bid the prices higher, in the absence of any negatives. The Sensex hit an intra day high of 19,468 while the Nifty hit a high of 5,917.

What boosted market sentiments were reports that a panel appointed by the government to look into oil and gas exploration contracts had recommended a pricing formula that could sharply raise the prices of natural gas and the hopes of easing liquidity as the Reserve Bank of India (RBI) continues with cash injection measures and expectations of a rate cut in January.

The Sensex closed at 19,417 (162 points up/ 0.84%) while the Nifty closed at 5,906 (50 points up/ 0.85%).

The broader markets too were positive with BSE Mid-cap index gained 0.66% and the BSE Small-cap index rose 0.36%.

The top sectoral gainers were BSE Capital Goods (up 1.68%); BSE Bankex (up 1.36%); BSE Realty (up 1.22%); BSE Power (up 0.95%); BSE Oil & Gas (up 0.80%). The only loser was BSE IT (down 0.17%).

As many as, 22 of the 30 stocks on the Sensex closed in the positive. The chief gainers were Bharti Airtel (up 2.78%); ICICI Bank (up 2.38%); Larsen & Toubro (up 2.19%); Jindal Steel & Power (up 2.03%) and SBI (up 1.84%). The major losers were Hindustan Unilever (down 1.40%); Hero MotoCorp (down 0.81%); Tata Motors (down 0.42%); Infosys (down 0.33%) and TCS (down 0.25%).

The top two A Group gainers on the BSE were— Berger Paints (up 6.77%) and Eicher Motors (up 6.66%).

The top two A Group losers on the BSE were—Bayer Cropscience (down 2.57%) and Strides Arcolab (down 2.36%).

The top two B Group gainers on the BSE were— Emami Infrastructure (up 19.91%) and Flawless Diamond (up 19.57%).

The top two B Group losers on the BSE were—Divine Multimedia (down 19.34%) and Shree Precoated Steels (down 14.95%).

Out of the 50 stocks listed on the Nifty, 40 stocks settled in the positive. The main gainers were Bharti Airtel (up 2.72%); Jaiprakash Associates (up 2.66%); ICICI Bank (up 2.47%); Larsen & Toubro (up 2.35%) and Jindal Steel & Power (up 2.17%). Hindustan Unilever (down 1.64%); Hero MotoCorp (down 0.45%); Grasim Industries (down 0.28%); Infosys (down 0.28%) and HCL Technologies (down 0.23%) settled at the bottom of the index.

US President Barack Obama plans to return early from his annual vacation to Hawaii in order to take part in talks to avert the fiscal cliff of austerity measures due to take effect at the start of the year. The US fiscal cliff refers to the year-end deadline for the expiration of hundreds of billions of dollars worth of tax cuts and the triggering of $109 billion in across-the-board spending cuts, if the US Congress fails to act.

Chinese rating agency Dagong Global Credit Rating Co on Tuesday, 25 December 2012 put US sovereign debt on a negative watch and highlighted what it said was a lack of political consensus on how to tackle Washington's debt problem over the long term.

Among the Asian indices, Nikkei was the top gainer, up 1.49% while the lone loser was Taiwan Weighted which fell 0.03%.

Suzlon Energy’s chairman and managing director of the company on behalf of the promoter group have sold 37.5 million shares for a total consideration of approximately Rs63 crore representing around 2.11% of the paid-up capital of the company. The promoters group holding in the company stands reduced to 50.65% of the paid-up capital. The company plans to use funds for business operations and debt reduction. Suzlon Energy fell 1.68% to close at Rs17.60 on the BSE.

The government today approved sale of its 12.5% stake in Rashtriya Chemicals and Fertilisers Ltd (RCF), which could fetch around Rs360 crore. The government currently holds 92.5% stake in RCF. The stake sale approval is part of the government's decision to raise Rs30,000 crore through disinvestment in the current fiscal. RCF rose 3.50% to close at Rs57.60 on the BSE.
 

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